Institutional ledger research
& structural analysis

Research Memos

• The Ledger That Isn't There:
  The Structural Risk of Asset-Only Ledgers.
• The Liquidity Grid:
  Why Netting Powers Markets and Blockchains Blow the Fuse.
• Collateral Mobility:
     -> Exhibit: Tokenized Encumbrance using Repo. [Play]
• Addressing Solvency On Chain:
  Extending Clearinghouse Architecture into Digital Environments.
• The Chair Recognizes Mr. Casten.
  Mr. Casten Recognizes Boring ol’Accounting
  Congressmen Sean Casten exposes the accounting flaw that keeps tokens from being securities. This memo exposes the flaw's root cause.

Architecturtal Exhibits & Accounting Thought Experiments

• Demo of an Multi-asset Margin Account On-chain
     -> Fixed Income Trade and Lifecycle: Broker/Client View. [Play]
     -> Tokenize Fixed-income Ecosystem. [Download]  
     -> Equity Trade: Broker/Client View. [Play]
     -> & T+1 version for comparision. [Download]
• Assumptions of the Regulated Liability Network POC.
• Atomic Settlement: Separation of Duties Circumvented.
• The VaultRegister Workaround.
• Failure Modes: The Lexicon.
• A Private Assets Protocol Proposal.
• Guardians of the Chain: Are Trustees the Missing Link?
• What if Raul Pal is Dead Wrong?
• The Solvency Circuit: Visualizing the Liability Gap.

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